Berkshire Hathaway operating profit nearly doubled in third quarter

Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said its quarterly operating profit nearly doubled from the year prior due to stronger insurance results and lower taxes.

Helping the company’s massive insurance operations were lower estimated liabilities from property and casualty insurance in prior years and lower taxes.

The year prior included major losses due to three U.S. hurricanes and an earthquake in Mexico. The company added that it had made $928 million in share repurchases in the three-month period.

Operating profit in the second quarter rose to $6.88 billion from $3.44 billion a year earlier, and higher than the $6.11 billion expected by Wall Street.